Traditional IRA contributions can be tax deductible or partially tax deductible based on MAGI. In 2014, an individual with a MAGI of up to $70,000 is eligible for at least partial deductibility. There are no income limits on who can contribute to a traditional IRA.
When the water heater breaks / leaks whatever the pressure tank is going to loose pressure telling the pump to come on and the pump will run continually as it can not build pressure to shut it off.
The lack of a drain pan for your water heater exposes you to flooding risks. As water heaters age, the inside tanks that contain water can weaken from rust and corrosion. This causes the tanks to leak, and in some cases, rupture, dumping the water contained inside the tank.